14 ways to handle your debts
by Scott Bilker
There is always much advice as to how to handle your debt. As with everything in life, there are pros and cons to each strategy. Picking the right path depends on your personal situation and of course, careful consideration of the costs. My feeling is that the best choice is the smartest financial choice. That means the least expensive strategy. That said, let's take a look at a few approaches to dealing with debt.
Having a baby means more credit card debt for some Americans
by Amy L. Cooper-Arnold
A new baby—such a joyous occasion, and expectant parents often enjoy the process of planning for their arrival. Decorating the nursery, filling the closet with tiny outfits, stocking up on diapers, and test driving strollers are just a few of the things needed to be done before the great event.
Will The Number of Delinquent Credit Card Accounts Increase?
by Mike Killian
The American Bankers Association (ABA) recently posted statistics concerning delinquent credit card payments. The data indicates a continued high delinquency rate, which in turn leads to lower credit scores since past payment history accounts for about 35% of one's credit score. The more recent a tardiness, the more credit score points are sacrificed. A consumer could be 30, 60, 90 or more days late on an account and the impact on his or her score becomes progressively more pronounced.
Cash-out to pay off cards or keep debt?
by Scott Bilker
I have a 30-year home mortgage and $14,000 in credit card debt. My mortgage has 28 years to go to pay off and is at 5.875 percent. My credit cards are at 3.99 percent for the lifetime of balance to 10.9 percent--all fixed rates. Should I refinance my home with cash-out to pay the credit cards off then freeze them? I'm 57 years old and earn approximately $26,000 per year salary. Any advise for me?
Terminating automatic bills
by Gary Foreman
I requested that my credit card account be closed in June. In November I received a bill for $110 for automated charges that go through once a year. The credit card company said that it was my responsibility to request that these charges stop going through. The problem is that I can't get through to these companies to have these charges stopped. I had actually requested that one of these companies stop charging my card and they did not.
6 Steps to Better Credit
by Gerri Detweiler
If you are resolving to hop off that debt treadmill or get your credit in order in 2006, here are my tips to help you succeed: 1. Review your statements: If you have run up larger balances than usual, your credit score may take a dip after the holidays. And that could trigger an increase in your interest rate on your major credit cards. Check your statements to confirm your rate. If it's higher than you think you deserve...
Rising minimum payments
by Scott Bilker
Hi Scott!, I have really enjoyed reading all your great info about credit card debt. However, all this talk about rising minimum payments from 2 percent to 4 percent has got me worried. I'd like to plan for additional purchases like a new car before winter but I am unsure of my financial situation if my payments jump to 4 percent. I've called my banks for an answer but they have only told me they are in the process of determining whom these changes will affect. How can I find out what the future holds for me so I can move forward in my financial planning? Thanks so much far any assistance with this one! John
Business owners have options when it comes to the business of credit cards
by Rebecca Lindsey
The freedom to be the boss is just one of the perks sought after by business owners. But along with this freedom comes the concern of fulfilling responsibilities to customers, employees and lenders. Chief concerns are usually those dealing with money. Small business owners frequently borrow funds and often use credit cards to get their business off the ground.
Balance transfer checks
by Scott Bilker
Scott, First of all your site is great! Received a blank check from my credit card company that can be used for either cash or purchases. It is a low 3.99 percent rate for life of the loan. The balance on my credit card has a variable 8.99 percent rate. Would I be able to write a check out for the balance on the credit card, deposit it in my checking account, and then turn around and send a personal check to the credit card company for the balance total thus lowering the rate from 8.99 percent to the 3.99 percent. Thanks in advance. MW
How to protect yourself from becoming a victim of credit fraud
by Rebecca Lindsey
The Federal Trade Commission released the results of a Consumer Fraud Survey. Astoundingly, it estimated that nearly 25 million Americans were victims of fraud. The study indicated individuals with high levels of debt are more likely to be victims of fraud. Three of the top categories of fraud reported to the FTC related to credit, including credit-repair scams aimed at those carrying high debt loads or having bad credit. The most frequently reported type of consumer fraud: advance-fee loan scams, in which consumers pay a fee for a "guaranteed" loan or credit card.
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